SL Green Realty Corp. has entered into a contract to sell a 43 percent interest in 1515 Broadway to affiliates of Allianz Real Estate.
The transaction values the 1.86 million-square-foot, class-A Times Square office building at $1.950 billion, or $1,045 per square foot. Approximately 70 percent of the transaction is expected to close on November 30, 2017. The balance of the transaction is scheduled to close in the first quarter of 2018.
1515 Broadway is located in the heart of the “bow tie” of New York’s Times Square between 44th and 45th street. The 57-story building is currently 98 percent leased and is home to retail tenants Skechers, Swatch, Oakley, Kiko Milano, and Line Friends along with the Minskoff Theater, one of the city’s largest live performance theaters and host to The Lion King – the highest grossing show on Broadway.
SL Green purchased 1515 Broadway as part of a joint venture in 2002 and acquired full control of the building in 2011. In 2012, following a comprehensive redevelopment of the property that included the re-positioning of all retail space, a new lobby, new elevators, revitalized building systems along with new state-of-the-art signage, Viacom signed a long-term lease renewal and will occupy the building’s office space through 2031.
